A&P to close 32 stores in six states
Feb. 16, 2011
by Eric Schroeder
MONTVALE, N.J. — The Great Atlantic & Pacific Tea Company, Inc. (A&P) has filed a motion seeking approval to close 32 stores in six states. The move comes as the company continues to fully implement its comprehensive financial and operational restructuring. The closings are expected to be completed in the company’s fiscal first quarter, which begins in March.
“As part of our turnaround and our ongoing review of our store footprint, we have decided to close these 32 locations,” said Sam Martin, president and chief executive officer of A&P. “While this was a very difficult decision that will unfortunately impact some of our customers, partners, communities and employees, these actions are absolutely necessary as we work to strengthen A&P’s operating foundation and improve our performance. We will help our affected colleagues pursue other positions across the company should open positions be available.”
Mr. Martin continued, “Even as we reduce our store base and drive efficiencies across our company, we continue to take other important steps to enhance our customers’ overall shopping experience, including upgrading our private label brands. We are moving forward aggressively to make strategic decisions that will position A&P for a strong future.”
A&P filed for Chapter 11 bankruptcy protection on Dec. 12, 2010, two months after reporting a loss of $154 million in its most recent quarter, its eighth consecutive losing period.